Blockchain, Tech & Entertainment

China to Develop the World’s First Blockchain Based ‘Fiscal and Taxation Business’

Since last year, the Chinese government has been leading the way with the implementation of the blockchain into people’s daily life.

We’ve seen many innovations coming from China in the blockchain world. One of the latest has been ZhongAn (an online-only insurer) working on a platform to track the chicken supply as a solution to the counterfeit food problem in the country.

They are now exploring the use of blockchain technology in the “fiscal and taxation business”. The government announced that “it has reached an agreement with Shenzhen Zhanhe Technology Investment Co., to start joint research and development based on the government chain of fiscal and taxation applications.”

The announcement said:

[This] is the first international financial and taxation business actually landed in the block chain project, which will further consolidate the network in China and the international industry in the leading edge.

China is demonstrating how the blockchain can be used for day-to-day applications. We will probably see many more use cases for it in the future as the country is showing that it understands the potential of this great technology.